Dec 27, 2012 9:00pm PST
. >>reporter: if congress fails to avoid the fiscal cliff the financial consequences are significant. now there's a computer program that will figure specifically what each of us can expect next year. tax policy center fiscal cliff calculator peck your category married single with or without children enter the income and press to, it will pop up but you have to cough up next year. >> 17,000 dollars higher. that's a lot. >>reporter: jason is an engineer from cupertino with wife and 3 kid. he's looking at extra 17,000 in change. renee of carson just calculated what her family will pay. >> my god. that's another additional, i mean, deduction. >>reporter: 4 dollars short of 3000 dollars. >> i know. i know. >>reporter: she says it's like losing a month salary for her or her husband. pretty significant reduction. >> oh, yes. yes. it's a big one. >>reporter: here's other quick calculations. single person making 46,000 can count on increase of 1300. married with no children income of 57,000 it's an extra 2200 you will be paying. married with two kids and income of 146,000, 7300 more.
Dec 26, 2012 9:00pm PST
. but -- >>> the federal fiscal cliff is just days away. so what if we fall off? i'm michael finley. ahead on 7 on your side i will show you how to make the most out of an uncertain financial future. >> also here tonight, gun owners say they are being targeted in new york. a news paper article that >>> at the nation's capitol senators will meet tomorrow in ongoing effort to avoid the fiscal cliff. president obama is about to end his family vacation in hawaii and will arrive in washington early tomorrow to deal with the tax increases and spending cuts that are due to take effect next week. no official fiscal cliff negotiations between republicans and democrats have been scheduled. not a great deal of progress. >>> with the government right on the edge now of that fiscal cliff, taxpayers are facing a lot of uncertainty as we head into the new year and for many of us the usual year-end financial strategies simply may not apply this year. 7 on your side's michael finney sorts out some of the confusion. >> reporter: when it comes to year end finances the old rules may not add up this year. >> it is difficul